Comprehensive insurance is a type of automobile insurance that covers damage to your car from causes other than a collision. Comprehensive insurance would cover your vehicle if it was destroyed by a tornado, dented by a run-in with a deer, spray painted by a vandal, damaged by a break-in or crushed by a collapsing garage, among other causes.

BREAKING DOWN Comprehensive InsuranceComprehensive insurance and Third party insurance are the two major components of an automobile insurance policy. State law requires drivers to carry Third party insurance, but comprehensive insurance is optional if someone owns a vehicle outright. If a person has financed the vehicle, the auto loan company might require comprehensive insurance. If the car owner has paid for the vehicle in full, and they can’t afford comprehensive insurance, they own an older automobile that doesn’t have much value, they think they’re at low-risk of non-collision damage or they prefer to self-insure, the owner can choose not to purchase comprehensive insurance. On the other hand, even if someone owns an automobile free and clear, if they live in a rural area where collisions with animals are common, in a stormy area that often gets hail or in a higher-crime part of town where break-ins and theft occur regularly, they might want to purchase comprehensive insurance.

Comprehensive insurance that we offer is @ 3% of the value/purchase price of the vehicle

The following pragmatic steps are essential in processing a claim to satisfactory conclusions

i) NOTIFICATION: the insurer must be promptly notified directly or through a broker or agent where they are involved. The incident must also be reported to the police as their report may be needed to substantiate the claim.

ii) CLAIMS DOCUMENTATION: All claims notified must be supported with documents that will enable the insurer process, access & and adjust the claim for settlement. It is a lot easier and less cumbersome to put the relevant supporting documents together where a broker is involved, as their expertise will be at the disposal of the insured claimant. The documents required to support a claim normally would vary from the nature and type of claim i.e. fire, theft, accidental damage or Third party claims. Such documents will include among others:

a) Claim forms which is relevant in all cases must be completed, and are meant to furnish all relevant details and circumstances of the event or loss underlying a claim.

d) All vehicle particulars to ascertain ownership. Vehicle purchase receipts in the event of fire & theft cases to ascertain original value and the year of purchase

e) Statement of claim from third parties in the event of death, bodily injury or third party property damage.

f) Police Report to ascertain genuineness and verify the circumstances. It is always advisable and helpful to approach Insurers or handling Brokers for guidance on the approach and steps to adopt in processing of any claim, as a lot of time is saved in concluding a claim.

In the event of any delay in claims processing with an insurance company, the first step to take is to ascertain the cause of the delay, and find out if the claims have been fully documented or if there has been a breach of any of the contract/policy terms or conditions. Notwithstanding the findings, from the above enquiries, the insured or claimant has the following options of redress or pursuing their rights.

i) A formal report could be made to the relevant body of Insurers Trade Association-NIA that has in place an OMBUDSMAN panel saddled with the responsibility to investigate and resolve such cases.

ii) A formal report can also be made to the sectors Regulators-The National Insurance Commission (NAICOM) that has always handled and resolved cases brought before the commission. iii) The insured or claimant at his discretion can also institute a legal action in pursuance of their right under the motor insurance policy contract.

WHAT ARE THE BENEFITS OF HAVING A COMPREHENSIVE COVERS? Being an all-embracing and the most protective motor cover, insureds minds are at peace, and are able to pursue their business endeavors without stress or any anxiety having been maximally protected under their comprehensive motor insurance. It has also been very useful as a collateral or security required to guarantee financier where vehicles were acquired under a lease or by a loan.

WHY COMPREHENSIVE COVER IS IMPORTANT OR EVEN BETTER THAN THE THIRD PARTY

Its importance is better appreciated by the fact that it offers the widest scope of covers, among all other types of motor insurance covers, while it leaves room for a number of rights and privileges – which are added-values to compensate buyers in this class.